Aker has acquired a majority stake in a Brazilian firm.
The service company paid out for 70% of Brazilian CSE Mecânica e Instrumentação. The move builds on a “strategy to expand its services business in key international markets”.
“Aker Solutions has established a solid presence and reputation in Brazil’s oil and gas market over the past 40 years and entry into the country’s brownfield segment is an attractive growth opportunity,” said chief executive officer Luis Araujo.
“Joining forces with a successful local player like C.S.E. fits well with the internationalization of our services business, allowing us to bring our competence, knowledge and experience within this field to this important and growing region.”
CSE had a turnover of BRL322million last year and is currently sitting on a backlog of BRL855million.
It has 2,300 employees located at sites including five service facilities covering the country’s different oil and gas basins.
Altair Dietrich, CSE chief executive officer, and Luiz Joanello, chief commercial officer, will remain with the company.
“By combining the strengths of both companies we will expand our capabilities and create significant value for our customers,” said Dietrich.
“Teaming up with Aker Solutions is a huge step for the company and puts us in the next league in terms of competing for even larger and more complex contracts.”
The acquisition is subject to approval by Brazilian competition authorities.
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